As Americans age, the need for supplemental health insurance increases. Medicare supplement plans can provide coverage for gaps that regular Medicare does not cover. If you’re over 65 and considering getting a Medicare supplement plan, read on to find out what you need to know.
What is a Medicare Supplement Plan?
A Medicare supplement plan (also known as Medigap) is an insurance policy that helps cover the costs of services that Original Medicare (Part A and Part B) does not pay for. This includes copayments, coinsurance, and deductibles. These plans are offered by private companies and typically come with a monthly premium. They cannot be used with other types of health insurance like employer-sponsored coverage or Medicaid.
When Can I Enroll?
The best time to enroll in a Medicare supplement plan is during your initial enrollment period (IEP), which lasts from three months before your 65th birthday through three months after your 65th birthday. During this period, you can purchase any plan without having to go through a medical underwriting process. After the IEP ends, you may still be able to purchase a plan but it will likely require medical underwriting and could cost more than if you had purchased during the IEP.
What Does It Cover?
Medicare supplement plans vary in terms of coverage and cost. The most comprehensive plan is Plan F, which covers all the gaps in Original Medicare except for long-term nursing care and prescription drugs, which are covered by separate policies. Other plans may offer varying levels of coverage at different prices so it’s important to compare options before making a decision.
Why Choose a Medicare Supplement Plan?
The main reason to choose a Medicare supplement plan is to help minimize out-of-pocket expenses associated with medical treatments and procedures not covered by Original Medicare. For example, if you need frequent visits to specialists or require expensive medications not included in Part D drug coverage, a supplement plan could help offset those costs. Many supplement plans also cover preventative care such as checkups and screenings which can help you stay healthy longer and reduce long-term medical expenses.
In addition, most supplement plans offer broader coverage than Original Medicare does on its own – meaning fewer restrictions on doctors or hospitals you can visit – making it easier for you to access quality healthcare when needed. Finally, it’s worth noting that many supplement plans don’t have yearly enrollment windows like Original Medicare does – so once enrolled in a particular plan you can remain on it indefinitely unless there are changes in eligibility or other circumstances that would affect your ability to stay enrolled in the same plan year after year. Deciding whether or not to get a Medigap plan can be tricky since there are so many factors involved – cost, coverage levels, etc.. However, if you’re over 65 and looking for additional coverage beyond Original Medicare then it’s definitely worth considering getting one. Be sure to take your time researching different plans so that you can find one that meets your needs at an affordable price point.